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REG - Bakkavor Group PLC - Directorate Change

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RNS Number : 0721B  Bakkavor Group PLC  29 September 2022

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No. 596/2014, which forms
part of UK law by virtue of the European Union (withdrawal) Act 2018 ("UK
MAR").

29 September 2022

Bakkavor Group plc

Bakkavor announces Group CEO retirement and appointment of successor

Bakkavor Group plc today announces that Agust Gudmundsson, the Group's Chief
Executive Officer and Co-founder, has confirmed his intention to retire with
effect from 31 October 2022.

Agust, who founded the business 36 years ago with his brother and Group Board
member Lydur Gudmundsson, will remain a significant shareholder of the Company
and become a Non-executive Director on the Group Board.

Following a thorough search of the market to identify a successor, the Board
is pleased to appoint Mike Edwards, Bakkavor's current Chief Operating
Officer, UK, as Agust's successor. Mike will start as Group Chief Executive
Officer on 1 November 2022.

Mike joined Bakkavor in 2001 and was promoted into a series of challenging and
demanding roles before becoming Chief Operating Officer, UK, in 2014. His
leadership of the UK business has been exceptional and his insight and
commercial experience has made an invaluable contribution to the Group Board,
which he joined in December 2020.

Commenting on this announcement Simon Burke, Chairman said: "Chairmen normally
thank an outgoing CEO with a couple of polite sentences, but in this case that
will really not suffice.  The founding and building of Bakkavor by Agust,
along with his brother Lydur and their col-leagues, has all the hallmarks of a
great entrepreneurial endeavour. It has created a first-class business with
strong market positions and great opportunities, one of the global leaders in
its sector. Vision, courage, steadfastness, loyalty and the highest standards
of professionalism have all been key elements of Agust's leadership. I have
been proud to work with him and am very glad that we will continue to benefit
from his input as a member of our board.

"One of the characteristics of a successful leader is the quality of the team
they build around them, and there is no better testament to this than the
appointment of Mike as our new CEO.  Mike has delivered operational
excellence, strong customer relationships and consistent commercial
performance in our UK business and I am greatly looking forward to working
with him on the next stage of Bakkavor's development."

Agust Gudmundsson said: "After 36 years at the helm, I am incredibly proud of
the Company we have built and the teams and people I have worked with during
this time. The past few years have demonstrated the strength and resilience of
Bakkavor and I am confident of the Group's success for the future. I am
particularly pleased that Mike will be spearheading the Group's future
direction. He has provided trusted counsel to me for over 15 years and has
delivered both growth and stability in the most challenging of environments. I
wish him all the very best success in this new role and opportunity."

Mike Edwards added: "Joining the business over 20 years ago as a manufacturing
manager at one of our pizza factories, I never expected to have the honour of
being appointed CEO of Bakkavor. Whilst this is a particularly challenging
environment, I absolutely believe challenges create opportunities and we are
incredibly well placed, as a Bakkavor team, to move forward positively and
purposefully delivering for colleagues, customers and shareholders."

This announcement is made pursuant to LR 9.6.11 and LR 9.6.13. The Company
confirms there is no further information to be disclosed under the
requirements of LR 9.6.11 and LR 9.6.13 of the Listing Rules.

For the purposes of UK MAR, this announcement is made by Annabel
Tagoe-Bannerman, Group General Counsel and Company Secretary. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

ENDS

 

ENQUIRIES

 Institutional investors and analysts:
 Emily Daw, Head of Investor Relations            +44 (0) 20 7908 6114
 Financial media:
 Sally Barrett-Jolley, Head of Corporate Affairs  +44 (0) 20 7908 6143
 Katie Hunt, MHP Communications                   +44 (0) 20 3743 8794
 Rachel Farrington, MHP Communications            +44 (0) 20 3128 8613

 

 

About Bakkavor

 

We are the leading provider of fresh prepared food ("FPF") in the UK, and our
presence in the US and China positions the Group well in these high-growth
markets. We leverage our consumer insight and scale to provide innovative food
that offers quality, choice, convenience, and freshness. Our c.19,000
colleagues operate from 46 sites across our three markets supplying a
portfolio of over 3,200 products across meals, pizza & bread, salads and
desserts to leading grocery retailers in the UK and US, and international food
brands in China.

LEI number: 213800COL7AD54YU9949

Disclaimer - forward-looking statements

This statement, prepared by Bakkavor, may contain forward-looking statements
about Bakkavor. These represent expectations for the Group's business, and
involve known and unknown risks and uncertainties, many of which are beyond
the Group's control. The Group has based these forward‐looking statements on
current expectations and projections about future events. These
forward-looking statements may generally, but not always, be identified by the
use of words such as 'will', 'aims', 'anticipates', 'continue', 'could',
'should', 'expects', 'is expected to', 'may', 'estimates', 'believes',
'intends', 'projects', 'targets', or the negative thereof, or similar
expressions.

By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that may or may not
occur in the future and reflect the Group's current expectations and
assumptions as to such future events and circumstances that may not prove
accurate. A number of material factors could cause actual results and
developments to differ materially from those expressed or implied by
forward-looking statements. There may be risks and uncertainties that the
Group is unable to predict at this time or that the Group currently does not
expect to have a material adverse effect on its business. You should not place
undue reliance on any forward-looking statements. These forward-looking
statements are made as of the date of this announcement. The Group expressly
disclaims any obligation to publicly update or review these forward-looking
statements other than as required by law.

 

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.   END  BOABRGDCXXDDGDI

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